Deed in Lieu of Foreclosure
Attorneys Serving Hampton Roads, Richmond, Northern Virginia
Many homeowners with mounting mortgage problems may simply want to voluntarily hand their home over to their lender in lieu of foreclosure. While it doesn’t protect your credit ratings, it’s much less damaging that having a foreclosure reported. This is particularly beneficial if you need to rent an apartment after you move from the home or need to obtain another mortgage in the future. This option also protects the homeowner from deficiency judgments.
While lenders also like this strategy because it spares them the time and expense of having to take your home through the traditional foreclosure process, they often reject this option if there are other liens on your home or if they have already undertaken the time and expense of foreclosing on your home and the foreclosure auction scheduled for your home is close at hand.
That’s why our lawyers throughout Virginia are here to counsel you on the benefits and costs associated with a deed in lieu of foreclosure and to help you identify other possible options including loan modification, foreclosure prevention litigation, and bankruptcy. Almost any option is better than losing your home through foreclosure and suffering credit report damage for years to come.